PARKING RESERVATION SYSTEM MARKET: Summary
The Global Parking Reservation System Market is projected to reach a value of USD 1991.27 million by 2027 at a CAGR of 23.1%.
The parking reservation system allows the customers to reserve a parking space through an online platform or by voice call-based parking. It helps the individual to easily view the available parking spaces and select a convenient nearby space for vehicle parking for a specific time. Smart parking technology has led to boost productivity, reduced operating costs, as well as added facility value. The global parking reservation system market is rising with the rising number of vehicles. However, security concern is expected to hinder the growth of the market.
PARKING RESERVATION SYSTEM MARKET: Market Dynamics
- Growing Smart City Projects
- The growing smart city projects lead to play a significant role in the parking reservation system market. As smart city projects lead to enhance the transportation system, improve the digital platform and boost the infrastructure
- According to the ‘2018 Revision of World Urbanization Prospects’ report which had been published by the UN Department of Economic and Social Affairs (UN DESA), the current urban population of 55.0% is projected to grow to 68.0% by 2050
- According to the Consumer Technology Association, the worldwide spending on smart city developments is expected to reach USD 34.35 billion, by 2020.
- In 2020, Qualcomm Technologies, Inc., JLC Infrastructure and IGNITE Cities had announced a strategic collaboration to develop and deliver a suite of smart as well as connected technology solutions to support customers in the commercial, industrial and municipal sectors
- In 2018, Nokia and Smart City Capital, LLC are launched a joint program to support Canadian cities fund and to minimize the risks associated with smart city initiatives
- In March 2020, Infosys had Joins Qualcomm Smart Cities Accelerator Program to Offer offer end-to-end solutions for smart stadiums, smart venues as well as the smart event management
- Furthermore, the growing demand for real-time parking information and growing initiatives for the smart city project lead to create major opportunities for the growth of the market in the forecast period.
- Rising Number of Vehicles
PARKING RESERVATION SYSTEM MARKET: Key Segments
- The parking reservation system market is majorly segmented into parking sites, solutions, services, and end-user.
- On the basis of parking site, the market is sub-segmented into on-street parking and off-street parking.
- On the basis of solution, the market is bifurcated into web-based, mobile-based, and voice call-based. The mobile-based solution is excepted to grow at a higher rate, as it helps to provide better efficiency as compared to other modes of solutions in terms of real-time parking availability.
- On the basis of services, the market is divided into deployment and customization and support and maintenance.
- On the basis of end-user, the market is divided into government, education, retail, healthcare, entertainment, transportation, and others.
PARKING RESERVATION SYSTEM MARKET: Key Regions
On the basis of region, the market is divided into the Americas, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Americas accounted for the major market share, with the rising production of vehicles and as the region is also home to the major automotive industry such as General Motors, Ford, and Chryslers, which will lead to boost the growth of the market in the forecast period. However, Asia-Pacific is projected to grow at the fastest growth rate, with the increasing government spending on developing smart cities, lead to fuel the growth of the market in the forecast period.
PARKING RESERVATION SYSTEM MARKET: Report Scope
The report on the parking reservation system market covers a deep dive analysis of historic, recent, and current market trends. furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered, and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
2018 & 2019
2021-2027 (2020 estimated year, forecast up to 2027)
Value (USD Million)
Parking Sites, Solution, Services, and End-User
Americas, Asia-Pacific, Europe, Middle East & Africa
Key Companies Covered
- Ace Parking (Company Overview, Financial Overview, Product Synopsis, Key Developments, SWOT Analysis, & Key Strategy)
- Amano Corporation
- APCOA PARKING
- Conduent, Inc.
- Kapsch Group
- LAZ Parking
- National Car Parks Ltd
- SP Plus Corp
- Other Key Companies
PARKING RESERVATION SYSTEM MARKET: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Parking Reservation System Market, By Parking Site
- On-street Parking
- Off-street Parking
Parking Reservation System Market, by Solution
- Voice Call-based
Parking Reservation System Market, by Service
- Deployment and Customization
- Support and Maintenance
Parking Reservation System Market, by End-User
Parking Reservation System Market, by Region
- North America
- Latin America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Parking Reservation System Market Providers
- Parking Reservation System Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Parking Reservation System Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE PARKING RESERVATION SYSTEM MARKET STUDY